On December 17, 2012, American Realty Capital Properties, Inc.
ARCP hosted a conference call discussing ARCP’s entry into an Agreement and Plan of Merger (the “Merger Agreement”)
with American Realty Capital Trust III, Inc., a Maryland corporation (the “Company”), Tiger Acquisition, LLC, a Delaware
limited liability company and wholly owned subsidiary of ARCP (“Merger Sub”), and the other parties named therein.
The Merger Agreement provides for, among other things, the merger of the Company with and into Merger Sub (the “Merger”),
with Merger Sub surviving as a wholly owned subsidiary of ARCP.

A copy of the transcript of the conference call is attached
as Exhibit 99.1 to this Current Report on Form 8-K. Such transcript shall not be deemed “filed”
for any purpose, including for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), or otherwise subject to the liabilities of that Section. The information in this Item 7.01, including Exhibit 99.1,
shall not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act
regardless of any general incorporation language in such filing.

Additional Information about the Proposed Transaction and
Where to Find It

This communication does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of any vote or approval. In connection with the proposed transaction,
the Company and ARCP expect to prepare and file with the SEC a joint proxy statement and ARCP expects to prepare and file with
the SEC a registration statement on Form S-4 containing a joint proxy statement/prospectus and other documents with respect to
ARCP’s proposed acquisition of the Company. INVESTORS ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS (INCLUDING
ALL AMENDMENTS AND SUPPLEMENTS THERETO) AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC IF AND WHEN THEY BECOME AVAILABLE BECAUSE
THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.

Investors may obtain free copies of the registration statement,
the joint proxy statement/prospectus and other relevant documents filed by the Company and ARCP with the SEC (if and when they
become available) through the website maintained by the SEC at www.sec.gov. Copies of the documents filed by the Company with the
SEC are also available free of charge on the Company’s website at http://www.arct-3.com, and copies of the documents filed
by ARCP with the SEC are available free of charge on ARCP’s website at http://www.americanrealtycapitalproperties.com.

The Company, ARCP, AR Capital, LLC and their respective directors
and executive officers may be deemed to be participants in the solicitation of proxies from the Company’s and ARCP’s
stockholders in respect of the proposed transaction. Information regarding the Company’s directors and executive officers
can be found in the Company’s definitive proxy statement filed with the SEC on April 25, 2012, as modified by the Company’s
current report on Form 8-K filed with the SEC on July 13, 2012. Information regarding ARCP’s directors and executive officers
can be found in ARCP’s definitive proxy statement filed with the SEC on May 4, 2012, as modified by ARCP’s current
report on Form 8-K filed with the SEC on October 17, 2012. Additional information regarding the interests of such potential participants
will be included in the joint proxy statement/prospectus and other relevant documents filed with the SEC in connection with the
proposed transaction if and when they become available. These documents are available free of charge on the SEC’s website
and from the Company or ARCP’s, as applicable, using the sources indicated above.

Forward-Looking Statements

Information set forth in this Current Report on Form 8-K (including
information included or incorporated by reference herein) contains “forward-looking statements” (as defined in Section
21E of the Securities Exchange Act of 1934, as amended), which reflect the Company’s and ARCP’s expectations regarding
future events. The forward-looking statements involve a number of risks, uncertainties and other factors that could cause actual
results to differ materially from those contained in the forward-looking statements. Such forward-looking statements include, but
are not limited to, whether and when the transactions contemplated by the Merger Agreement will be consummated, the new combined
company’s plans, market and other expectations, objectives, intentions, as well as any expectations or projections with respect
to the combined company, including regarding future dividends and market valuations, and other statements that are not historical
facts.

The following additional factors, among others, could cause
actual results to differ from those set forth in the forward-looking statements: the ability to obtain regulatory approvals for
the transaction and the approval by the Company’s stockholders of the Merger and the approval by ARCP’s stockholders
of the issuance of Company Common Stock in connection with the Merger; market volatility; unexpected costs or unexpected liabilities
that may arise from the transaction, whether or not consummated; the inability to retain key personnel; continuation or deterioration
of current market conditions; future regulatory or legislative actions that could adversely affect the companies; and the business
plans of the tenants of the respective parties. Additional factors that may affect future results are contained in the Company’s
and ARCP’s filings with the SEC, which are available at the SEC’s website at www.sec.gov. The Company and ACRP disclaim
any obligation to update and revise statements contained in these materials based on new information or otherwise.

Item 8.01 Other Events.

The Company previously announced that, on December 14, 2012,
the Board of Directors of the Company (the “Board”), including all of the independent directors, voted to suspend the
Company’s Amended and Restated Distribution Reinvestment and Direct Stock Purchase Plan (“DRIP”) and to terminate
the direct stock purchase component of the DRIP, in each case, in accordance with the terms of the DRIP.

The Company previously announced that distributions would be
paid in cash beginning with distributions authorized for December 2012, which are payable in January 2013. However, this was a
misstatement in that the Board approved suspension of the DRIP and the payment of all distributions in cash beginning with the
distributions authorized for January 2013, which will be payable in February 2013, and not beginning with respect to the December
2012 distributions. As a result, beginning with the distributions authorized by the Board for January 2013, which are payable in
February 2013, and continuing until such time as the Board may vote to resume the DRIP, all distributions authorized by the Board
will be paid to the stockholders of the Company in cash. All other previously announced changes to the DRIP remain the same.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits

Exhibit No.

Description

99.1

Transcript of Conference Call of American Realty Capital Properties, Inc. held on December 17, 2012

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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